If you are here you’re almost certainly interested in buying a Used Boat, but my guess is that you are also considering buying a new boat and are wondering what the Pros and Cons of buying a used boat would be.
Well, we already have an article up on the advantages and disadvantages of buying a new boat, and I encourage you to check that out, but for this article, let’s address the good and the bad that comes with buying a Used Boat.
The Pros of Buying a Used Boat
- Cost savings: One of the biggest advantages of buying a used boat is the cost savings. Used boats are usually much cheaper than brand-new boats, which makes them a great option for people who are looking to get into boating without breaking the bank.
- Depreciation is behind you: Another advantage is that the biggest portion of the boat’s depreciation has already taken place. This means that as long as you take care of your boat, you will be able to use your boat for a few years and sell it at a very favorable margin.
- Wide range of options: With used boats, you get a wider range of options to choose from than someone who has to visit a showroom or or deal directly with a dealer. The number of boats you have available also adds to the competition factor that drives down boat prices.
- Used Boats often include upgrades: Often, the previous owner has already made upgrades to the boat, which you can take advantage of. This can save you time and money that you would have spent upgrading the boat yourself.
- Easier to negotiate a better deal: Since used boats are often sold by private sellers, it’s easier to negotiate a better deal on the price. This means more boat for your money.
- Easier to Finance: Used boats can be easier to finance, but for a different reason than a new boat- Simply put, used boats are cheaper which means a smaller amount of money is needed to borrow.
The Cons of Buying a Used Boat
- Hidden Issues: With a used boat, you won’t always know its complete history and could be buying someone else’s problems. There could be hidden damages or mechanical issues that you won’t discover until you’re already out on the water.
- Maintenance Costs: Older boats will require more maintenance and repairs compared to new ones, and you will usually be dealing with these issues when the boat is out of warranty.
- No Warranties: Most new boats come with warranties, but these aren’t always transferable to a new owner when purchasing a used boat. This means that could have to foot the bill for any repairs or maintenance even with a relatively newer used boat
- Lack of Customization: If you want your boat to have specific features or specifications, you may need to make those changes yourself. New boats can usually be customized to your liking, but with a used boat, you’ll be taking what you can get.
- Fuel Efficiency: Older boats have older motors and older motors are less fuel efficient. With the high prices of fuel these days, this might be something you need to consider, especially in remote areas where fuel can be more expensive.
- Dated Technology: Used boats often have older technology, which can be less effective and less convenient. For example, older boats may not have GPS or Radar, and this can make navigation more difficult in certain conditions.
Alright, let’s wrap this up. So, buying a used boat can be a great way to get a deal, but it’s not without its downsides. On one hand, you can save a ton of money by not having to buy brand-new,
but on the other hand, you need to be careful to avoid any unexpected repairs or issues.
It’s all about finding the right balance for you.
Do your research and weigh the pros and cons before making a decision. And if you do decide to buy a used boat, be sure to check out our guide “What to Look for When Buying a Used Boat“.
It’s packed with tips to make sure you get the best boat for your money. With this info, you’ll be all set to have a blast out on the water.